Payoneer Global Inc (PAYO) 2025 Q2 法說會逐字稿

Good morning. Thank you for standing by. Welcome to Payoneer's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安.感謝您的支持。歡迎參加 Payoneer 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Michelle Wang, Payoneer's Vice President of Investor Relations. You may begin.

現在我想將電話轉給 Payoneer 投資者關係副總裁 Michelle Wang。你可以開始了。

Thank you, operator. With me on today's call are Payoneer's Chief Executive Officer, John Kaplan; and Payoneer's Chief Financial Officer, Bea Ordonez.

謝謝您，接線生。和我一起參加今天電話會議的還有 Payoneer 執行長 John Kaplan 和 Payoneer 財務長 Bea Ordonez。

Before we begin, I'd like to remind you that today's call may contain forward-looking statements which are subject to risks and uncertainties. For more information, please refer to our filings with the SEC, which are available in the Investor Relations section of payoneer.com. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intend to update them, except as required by law. In addition, today's call may include non-GAAP measures. These measures should be considered in addition to and not instead of GAAP financial measures.

在我們開始之前，我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述受風險和不確定性的影響。如需了解更多信息，請參閱我們提交給美國證券交易委員會 (SEC) 的文件，該文件可在 payoneer.com 的“投資者關係”部分查閱。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表今天的觀點，除非法律要求，否則公司不承擔任何義務或打算更新這些前瞻性陳述。此外，今天的電話會議可能包括非公認會計準則衡量指標。這些措施應被視為 GAAP 財務措施的補充，而不是替代。

Reconciliations to the nearest GAAP measure can be found in today's earnings materials, which are available on our website. Additionally, please note we have posted an earnings presentation supplement alongside our earnings press release on investor.poneer.com. All comparisons made on today's call are on a year-over-year basis unless otherwise noted.

您可以在今天的收益資料中找到與最接近的 GAAP 指標的對賬，這些資料可在我們的網站上找到。此外，請注意，我們在 investor.poneer.com 上發布了盈利新聞稿和盈利報告補充文件。除非另有說明，否則今天電話會議上進行的所有比較均為同比數據。

With that, I'd like to turn the call over to John to begin.

現在，我想把電話交給約翰開始。

Good morning, everyone. Thank you for joining us. Today, I'll walk you through our strong second quarter results. We are executing against the significant opportunity in front of us and building the financial stack for cross-border commerce. After that, Be will take you through the financials and our reinstated full year 2025 guidance.

大家早安。感謝您加入我們。今天，我將向大家介紹我們強勁的第二季業績。我們正抓住眼前的重大機遇，為跨境貿易建構金融體系。之後，Be 將帶您了解財務狀況和我們恢復的 2025 年全年指引。

Let's start with the big picture. Payoneer is the global payment solution for entrepreneurs and SMBs who power international commerce. These are manufacturers exporters, agencies, creators and service providers from every corner of the world. They need to invoice and collect payments from customers globally, manage multiple currencies, pay suppliers and employees and excess capital, all while navigating local regulations and legacy banking rails. That's where Payoneer comes in.

讓我們先從整體情況開始。Payoneer 是為推動國際貿易的企業家和中小企業提供的全球支付解決方案。這些是來自世界各地的製造商、出口商、代理商、創造者和服務提供者。他們需要向全球客戶開立發票並收取付款、管理多種貨幣、支付供應商和員工的費用以及多餘的資本，同時還要遵守當地的法規和傳統的銀行業務規則。這就是 Payoneer 發揮作用的地方。

We are their trusted partner, delivering innovation at the intersection of global trade and digital finance. Q2 was another strong quarter for Panier. Our strategy is working. We're growing and unlocking meaningful operating leverage.

我們是他們值得信賴的合作夥伴，在全球貿易和數位金融的交匯處提供創新。第二季對 Panier 來說又是一個表現強勁的季度。我們的策略正在發揮作用。我們正在發展並釋放有意義的經營槓桿。

In Q2, we delivered record quarterly revenue ex interest income, up 16% year-over-year, ahead of our medium-term target. We delivered 13,000 net new ICPs, up 2% year-over-year, led by Tier 1 markets, which account for over 60% of our revenue. We delivered ARPU expansion of 21% ex interest income, our fourth consecutive quarter above 20%, a sign of strong product adoption, smart pricing and a deliberate move upmarket.

在第二季度，我們實現了創紀錄的季度收入（不包括利息收入），年增 16%，超出了我們的中期目標。我們淨增加 13,000 個 ICP，年增 2%，其中主要來自第一線市場，占我們營收的 60% 以上。我們的 ARPU 除利息收入外成長了 21%，這是我們連續第四個季度超過 20%，這表明我們的產品採用率很高，定價合理，並且有意向高端市場邁進。

We delivered $66 million of adjusted EBITDA, a 25% margin. We delivered over $15 million of adjusted EBITDA ex interest income for the first 6 months of 2025. We greater than what we delivered for the full year of 2024. And our latest guidance at the midpoint implies we expect to more than triple our adjusted EBITDA ex interest in 2025.

我們實現了 6,600 萬美元的調整後 EBITDA，利潤率為 25%。2025 年前 6 個月，我們的調整後 EBITDA 不含利息收入超過 1500 萬美元。我們的交付量超過了 2024 年全年的交付量。我們最新的中期指引表明，我們預計 2025 年調整後的 EBITDA（不含利息）將成長兩倍以上。

We're strengthening the fundamentals of our business, improving earnings quality and building a platform designed for durable compounding growth. Global Commerce is resilient. -- and it continues to grow and evolve. Our customers are adapting to shifting trade flows and they're choosing Payoneer to help them grow.

我們正在加強業務基礎，提高獲利質量，並建立一個旨在實現持久複合成長的平台。全球商業具有彈性——並且它還在繼續成長和發展。我們的客戶正在適應不斷變化的貿易流，他們選擇 Payoneer 來幫助他們發展。

In China, we see long-term momentum and growth in cross-border commerce, and we have built a highly differentiated business over 2 decades serving this market. Our e-com customers are focused on both continuing to serve the US while increasing their investment in new markets. In Q2, approximately 1/3 of our China revenue came from sellers selling to non-US markets.

在中國，我們看到了跨境貿易的長期發展勢頭和成長，並且在服務該市場的二十多年中，我們已經建立了高度差異化的業務。我們的電子商務客戶專注於繼續服務美國，同時增加對新市場的投資。在第二季度，我們在中國約有三分之一的收入來自向非美國市場銷售的賣家。

We are helping customers expand globally through our green channel product, supporting their ad spend with our virtual card and providing access to trusted tax and compliance partners. We don't just move money. We help our customers scale. B2B remains one of the fastest-growing and most exciting parts of our business. We grew B2B revenue 37% in Q2, led by our largest customer segments.

我們透過綠色通道產品幫助客戶拓展全球業務，透過虛擬卡支援他們的廣告支出，並提供值得信賴的稅務和合規合作夥伴。我們不只是轉移資金。我們幫助客戶擴大規模。B2B 仍然是我們業務中成長最快、最令人興奮的部分之一。受我們最大客戶群的帶動，我們第二季的 B2B 收入成長了 37%。

We continue to shift towards larger multi-entity customers who have more complex needs. In APAC, LATAM and EMEA, we delivered mid 20% volume growth and continued take rate expansion. We have strong product market fit in the service-oriented markets and our customers are rewarding us with their loyalty.

我們將繼續轉向具有更複雜需求的大型多實體客戶。在亞太地區、拉丁美洲和歐洲、中東和非洲地區，我們的銷量成長了 20% 左右，接受率持續上升。我們的產品在服務型市場中具有很強的市場契合度，我們的客戶也以他們的忠誠度回報我們。

At the same time, our China B2B business grew mid-single digits in Q2. We continue our methodical approach to unlocking the multitrillion dollar China B2B opportunity. We are strengthening our financial stack to better serve the needs of our customers and drive our retention and ARPU.

同時，我們的中國 B2B 業務在第二季度實現了中等個位數成長。我們將繼續採用有條不紊的方法來發掘數兆美元的中國 B2B 機會。我們正在加強我們的財務堆棧，以更好地滿足客戶的需求並提高我們的保留率和 ARPU。

We've expanded our FX capabilities, launched smarter invoicing and deepened our ERP and third-party integrations. We're delivering more automation, removing friction and increasing product engagement and adoption. In Q2, we launched a strategic partnership with Stripe to expand our global checkout footprint and enhance the products capabilities.

我們擴展了我們的外匯功能，推出了更聰明的發票，並深化了我們的 ERP 和第三方整合。我們正在提供更多的自動化，消除摩擦並提高產品參與度和採用率。在第二季度，我們與 Stripe 建立了策略合作夥伴關係，以擴大我們的全球結帳業務範圍並增強產品功能。

We are combining their best-in-class technology with our local market reach, expertise and customer relationships. This partnership improves our operating efficiency and lets us stay focused on our customer to provide them with an integrated financial stack. I'd like to share an example of a customer that is leveraging Payoneer as their global payment infrastructure to streamline their operations.

我們將他們一流的技術與我們當地的市場影響力、專業知識和客戶關係相結合。這種合作關係提高了我們的營運效率，讓我們能夠專注於客戶，為他們提供全面的財務堆疊。我想分享一個客戶的例子，該客戶利用 Payoneer 作為其全球支付基礎設施來簡化其營運。

Brand 501 is a Korean beauty company with entities across Asia and the US. They're using Payoneer to consolidate their payments from major marketplaces, wholesale B2B sales and via their own website for direct-to-consumer sales through Payoneer checkout. They also use our cards for operational expenses such as advertising and subscription services by choosing Payoneer, they're able to eliminate inefficiencies in their operations and are thriving in a competitive, fast-growing industry. That's the kind of customer journey we're enabling every day. We're excited about the momentum we're seeing in stable coin and blockchain-enabled payment technology innovation and adoption.

Brand 501 是一家韓國美容公司，其實體遍布亞洲和美國。他們使用 Payoneer 整合來自主要市場、批發 B2B 銷售以及透過自己的網站透過 Payoneer 結帳進行直接面向消費者的銷售的付款。他們還使用我們的卡片支付廣告和訂閱服務等營運費用，透過選擇 Payoneer，他們能夠消除營運中的低效率，並在競爭激烈、快速發展的行業中蓬勃發展。這就是我們每天都在實現的客戶旅程。我們對穩定幣和區塊鏈支付技術創新和應用的勢頭感到非常興奮。

We believe that increased regulatory clarity, including as the result of the enactment of the Genius Act, will unlock opportunity for Payoneer and provide a framework to drive stable coin adoption, including Fit global businesses.

我們相信，包括《天才法案》頒佈在內的監管透明度的提高將為 Payoneer 帶來機遇，並為推動穩定幣的採用（包括 Fit 全球業務）提供框架。

Payoneer has unique assets that can help position us as a critical part of the infrastructure for this rapidly developing technology. We have distribution, deep customer relationships and connectivity to last mile bank infrastructure around the globe. We enable money movement across 7,000 trade corridors and allow our global customers to transact and hold multiple currencies within a single ecosystem. In pursuit of this opportunity, we're actively exploring enablement of stablecoin functionality for our customers.

Payoneer 擁有獨特的資產，可以幫助我們成為這項快速發展的技術基礎設施的重要組成部分。我們擁有分銷網絡、深厚的客戶關係以及與全球最後一哩銀行基礎設施的連接。我們支持 7,000 個貿易走廊之間的資金流動，並允許我們的全球客戶在單一生態系統內交易和持有多種貨幣。為了抓住這個機會，我們正在積極探索為客戶提供穩定幣功能。

For example, we're exploring allowing our customers who already rely on us for business-grade accounts to send and receive stablecoin along with our full suite of AP and AR products. We're looking at using our world-class last mile infrastructure to help businesses off-ramp stablecoin globally into the local currency that they need for their operations.

例如，我們正在探索允許已經依賴我們提供商業級帳戶的客戶使用我們的全套 AP 和 AR 產品來發送和接收穩定幣。我們正在考慮利用我們世界一流的最後一哩基礎設施來幫助企業將全球穩定幣轉換為其營運所需的當地貨幣。

We are also investing in scale and talent to drive and accelerate our innovation to serve our customers better and drive greater efficiency. We recently announced that we are opening a new technology hub in Gorgon, India, one of the world's fastest-growing economies and home to deep engineering expertise. We're backing our beliefs and our momentum with action.

我們也在規模和人才方面進行投資，以推動和加速我們的創新，從而更好地服務我們的客戶並提高效率。我們最近宣布，我們將在印度戈爾貢開設一個新的技術中心，印度是世界上成長最快的經濟體之一，擁有深厚的工程專業知識。我們用行動支持我們的信念和動力。

In Q2, we nearly doubled our share repurchases versus Q1 and Today, we're announcing a refreshed $300 million buyback authorization. This reflects our conviction in the value of our business and the strength of our financial performance. We're focused we're executing, and we're building a more valuable platform for our customers and delivering durable growth and compounding returns for our shareholders. Let me end with this.

在第二季度，我們的股票回購量幾乎比第一季翻了一番，今天，我們宣布更新 3 億美元的回購授權。這反映了我們對業務價值和財務表現實力的信心。我們專注於執行，為我們的客戶建立更有價值的平台，並為我們的股東提供持久的成長和複合回報。讓我以此作為結束。

The future of commerce is cross-border and it's global. Entrepreneurs in every part of the world are building great companies, but they still face legacy financial systems when they try to trade internationally. That's the problem Payoneer solving, and it's a massive opportunity.

商業的未來是跨國的、全球化的。世界各地的企業家都在創建偉大的公司，但當他們嘗試進行國際貿易時，他們仍然面臨著遺留的金融體系。這就是 Payoneer 要解決的問題，也是一個巨大的機會。

I'll now hand it over to Bea to walk through the results and our reinstated guidance for 2025.

現在我將把時間交給 Bea，讓她介紹結果以及我們恢復的 2025 年指導方針。

Thank you, John, and thank you to everyone for joining us. Payoneer delivered a strong second quarter, executing with discipline and advancing our profitable growth strategy. In a complex global trade environment, we continue to generate revenue and adjusted EBITDA in line with our medium-term targets and are reinstating our full year 2025 guidance.

謝謝你，約翰，也謝謝大家的參與。Payoneer 在第二季度表現強勁，嚴格執行並推進了我們的獲利成長策略。在複雜的全球貿易環境下，我們繼續按照中期目標創造收入和調整後的 EBITDA，並恢復 2025 年全年指引。

We remain confident in our ability to drive profitable growth and deliver long-term value for our customers, employees and shareholders. Now turning to our second quarter results. We delivered revenues of $261 million, up 9% year-over-year. Revenue, excluding interest income reached $202 million, a quarterly record and was up 16% year-over-year, in line with our first quarter results.

我們堅信我們有能力推動獲利成長，並為我們的客戶、員工和股東創造長期價值。現在來看看我們的第二季業績。我們實現了 2.61 億美元的收入，年增 9%。不包括利息收入的收入達到 2.02 億美元，創下季度紀錄，年增 16%，與我們第一季的業績一致。

Our strong growth was driven by our B2B franchise, increasing adoption of our high-value products and services, such as checkout and card products, and the ongoing implementation of our pricing and offering strategy. Total volume was up 11% year-over-year SMB volume grew 9% year-over-year, with volume from SMBs that sell on marketplaces, up 6%; volume from B2B SMBs up 19% and checkout volumes up 83%.

我們的強勁成長得益於我們的 B2B 特許經營權、結帳和卡片產品等高價值產品和服務的日益普及，以及我們定價和產品策略的持續實施。總交易量較去年同期成長 11%，中小企業交易量較去年同期成長 9%，其中在市場上銷售的中小企業交易量成長 6%；B2B 中小企業交易量成長 19%，結帳量成長 83%。

During the quarter, we saw modest softening in volumes from large e-com marketplaces, likely in response to the global macro and tariff environment. Enterprise payout volume increased 15% year-over-year, primarily due to strong demand in key travel routes we serve. Our Q2 take rate of 126 basis points decreased 2 basis points on a year-over-year basis, driven by lower interest income.

本季度，我們發現大型電子商務市場的交易量略有下降，這可能是對全球宏觀和關稅環境的反應。企業支出金額年增 15%，主要原因是我們服務的主要旅遊航線需求強勁。由於利息收入減少，我們第二季的利率為 126 個基點，較去年同期下降 2 個基點。

We continue to drive significant expansion in our SMB customer take rate, which increased 9 basis points over the prior year period and 1 basis point sequentially. This reflects the ongoing impact of our pricing strategy, continued growth in our higher-yielding B2B and checkout franchises and ongoing adoption of our card strong growth in our higher take rate regions and the impact of our workforce management acquisition. Customer funds held by Payoneer increased 17% year-over-year to $7 billion. partially offsetting the impact on our interest income revenue of lower rates.

我們持續大幅提升中小企業客戶接受率，較去年同期增加 9 個基點，較上一季增加 1 個基點。這反映了我們的定價策略的持續影響、我們高收益的 B2B 和結帳特許經營權的持續增長、我們信用卡在高接受率地區的持續採用、強勁增長以及我們勞動力管理收購的影響。Payoneer 持有的客戶資金年增 17%，達到 70 億美元，部分抵銷了利率降低對我們利息收入的影響。

We generated interest income of $58 million in the quarter. Growth in customer funds was above our expectations and in excess of our volume growth with customer usage behavior moderating in certain key markets, likely in response to the uncertain macro environment. This demonstrates the trust our customers have in our platform and the value they place on the utility we provide.

本季我們產生了 5800 萬美元的利息收入。客戶資金的成長超出了我們的預期，並且超過了我們的交易量成長，某些主要市場的客戶使用行為有所緩和，這可能是對不確定的宏觀環境的反應。這顯示了客戶對我們平台的信任以及他們對我們提供的實用程式的重視。

As of June 30, we had reduced our sensitivity to fluctuations in short-term interest rates in relation to approximately $3.7 billion or roughly 53% of customer funds. This consists of approximately $1.8 billion of assets underlying customer funds that are invested in a portfolio of US treasury securities and term-based deposits as well as interest rate derivatives on approximately $1.9 billion of funds, underlying customer balances providing a floor against interest rate declines below 3%.

截至 6 月 30 日，我們已降低對約 37 億美元或約佔客戶資金 53% 的短期利率波動的敏感度。其中包括約 18 億美元的資產，這些資產以客戶資金為基礎，投資於美國國債和定期存款的投資組合以及約 19 億美元資金的利率衍生品，基礎客戶餘額為利率跌至 3% 以下提供了底線。

We will continue to actively manage our hedging programs while always prioritizing liquidity and security. Total operating expenses of $231 million, increased 19%, primarily driven by increases in labor-related expenses higher transaction costs, consultancy fees as well as the investments to scale up card product and the effect of recent acquisitions, including our EasyLink acquisition in China, and our workforce management acquisition. Transaction costs of $41 million, increased 10%, broadly in line with volume growth. Transaction costs represented 15.6% of revenue an increase of approximately 20 basis points from the prior year period, primarily due to lower interest income.

我們將繼續積極管理我們的對沖計劃，同時始終優先考慮流動性和安全性。總營運費用為 2.31 億美元，成長 19%，主要原因是勞動力相關費用的增加、交易成本的提高、諮詢費的增加以及擴大卡產品的投資，以及近期收購的影響，包括我們在中國的 EasyLink 收購和勞動力管理收購。交易成本為 4,100 萬美元，成長 10%，與交易量成長基本一致。交易成本佔收入的 15.6%，比去年同期增加約 20 個基點，主要原因是利息收入減少。

Excluding interest income, transaction costs represented 21% of revenue, a decrease of around 120 basis points versus the prior year period, despite mix shift towards higher take rate, higher transaction cost products, and driven by improvements in our chargebacks and losses and lower costs related to our capital advance offering. Sales and marketing expense was up $7 million or 13% year-over-year, driven primarily by higher labor-related costs, including from our workforce management acquisition and by card-related incentives in support of Chinese and other good sellers.

不包括利息收入，交易成本佔收入的 21%，與去年同期相比下降了約 120 個基點，儘管產品組合轉向更高的收費率、更高的交易成本產品，並且受到退款和損失改善以及與資本預付產品相關的成本降低的推動。銷售和行銷費用年增 700 萬美元，增幅為 13%，主要原因是勞動力相關成本增加，包括我們的勞動力管理收購以及為支持中國和其他優質賣家而提供的卡相關激勵措施。

Other operating expenses were up $1.5 million or 4%, primarily due to higher IT and communication costs. R&D expense increased $10 million or 36%, mainly due to higher labor-related costs, including in relation to our workforce management and EasyLink acquisitions. G&A expense increased $11 million or 42%, primarily due to higher legal and consulting fees, including in relation to our India license application as well as higher labor-related costs.

其他營運費用增加了 150 萬美元，即 4%，主要原因是 IT 和通訊成本增加。研發費用增加了 1000 萬美元，即 36%，主要是由於勞動力相關成本增加，包括與我們的勞動力管理和 EasyLink 收購相關的成本。一般及行政費用增加了 1,100 萬美元，即 42%，主要是由於法律和諮詢費用增加，包括與我們的印度許可證申請相關的費用以及與勞動力相關的成本增加。

Adjusted EBITDA was $66 million, representing a 25% adjusted EBITDA margin in the quarter despite the $7 million headwind from interest income. This is the fifth consecutive quarter of positive adjusted EBITDA, excluding interest income. Net income was $19 million compared to $32 million in the second quarter of last year, Basic and diluted earnings per share were both $0.05, down from $0.09 in the prior year period. We ended the quarter with cash and cash equivalents of $497 million, delivering continued strong cash generation. Over the last 12 months, operating cash flows have significantly exceeded net income providing incremental opportunities to invest for profitable growth and return capital to shareholders.

調整後的 EBITDA 為 6,600 萬美元，儘管利息收入帶來 700 萬美元的不利影響，但本季調整後的 EBITDA 利潤率仍為 25%。這是連續第五個季度調整後 EBITDA（不含利息收入）為正。淨收入為 1,900 萬美元，而去年第二季為 3,200 萬美元，基本每股收益和稀釋每股收益均為 0.05 美元，低於去年同期的 0.09 美元。本季末，我們的現金和現金等價物為 4.97 億美元，繼續實現強勁的現金產生。在過去的 12 個月中，經營現金流大大超過了淨收入，為實現獲利成長和向股東返還資本提供了增量投資機會。

During the quarter, we repurchased approximately $33 million worth of shares at a weighted average price of $6.80 nearly double the amount we purchased in the first quarter. As John mentioned, our Board recently authorized an amendment to our share repurchase program, increasing the program's repurchase authority to up to $300 million.

本季度，我們以 6.80 美元的加權平均價格回購了價值約 3,300 萬美元的股票，幾乎是第一季購買量的兩倍。正如約翰所提到的，我們的董事會最近批准修改我們的股票回購計劃，將該計劃的回購權限提高到 3 億美元。

Given our strong performance in the first half of the year, our visibility into the third quarter and a less severe tariff environment, particularly between the US and China, we are reinstating 2025 guidance. We expect total revenue between $1,040 and $1,060 million above the full year guidance we issued in February. This includes higher interest income of $225 million, and $815 million to $835 million of revenue, excluding interest income. We expect our growth rate for revenue, excluding interest income to be fairly consistent from Q3 to Q4.

鑑於我們上半年的強勁表現、我們對第三季的預見性以及不太嚴重的關稅環境（特別是美國和中國之間的關稅環境），我們將恢復 2025 年的指導。我們預計總收入將比我們 2 月發布的全年預期高出 10.4 億美元至 10.6 億美元。其中包括 2.25 億美元的較高利息收入，以及 8.15 億至 8.35 億美元的收入（不包括利息收入）。我們預計，不包括利息收入在內的收入成長率從第三季到第四季將保持相當穩定。

The top end of our core revenue range is in line with our guidance in February despite a more challenging macro environment. For the second half of 2025, we anticipate high single-digit growth in total volume and expect that our strategic focus on higher take rate products and geographies and pricing initiatives will enable us to continue to deliver yield expansion and revenue growth that outpaces volume growth. We expect volume from SMBs that sell on marketplaces to continue to grow by mid-single digits and mid-teens B2B volume growth in the second half of the year.

儘管宏觀環境更具挑戰性，但我們的核心收入最高範圍與 2 月的預期一致。對於 2025 年下半年，我們預計總銷量將實現高個位數成長，並預計我們對更高接受率產品和地理以及定價計劃的策略重點將使我們能夠繼續實現超過銷售成長的收益擴張和收入成長。我們預計，今年下半年，在市場上銷售的中小企業的銷售量將繼續以中位數個位數成長，而 B2B 銷售量將以中等十幾個百分點的速度成長。

We anticipate low double-digit B2B volume growth in Q3, accelerating to high teens in Q4, a strong rest of world B2B volume growth is partially offset by slower growth in our China B2B franchise. Given the lower take rate profile in China compared to other regions, we expect B2B revenue to grow at roughly 25% for the second half of the year. For the full year, we expect transaction costs as a percentage of revenue to be approximately 16.5% and significantly below our expectations at the beginning of the year and representing a modest step-up in transaction costs for the second half of 2025.

我們預計第三季 B2B 交易量將達到低兩位數成長，第四季將加速至高兩位數，世界其他地區 B2B 交易量的強勁成長將被我們中國 B2B 特許經營業務成長放緩部分抵銷。鑑於中國與其他地區相比接受率較低，我們預計今年下半年 B2B 收入將成長約 25%。我們預計全年交易成本佔收入的百分比約為 16.5%，遠低於我們年初的預期，這意味著 2025 年下半年交易成本將小幅上升。

This reflects continued business mix shift towards higher take rate and also higher transaction cost products and geographies as well as the impact of lower interest income. When excluding interest income, transaction cost as a percentage of revenue has been roughly stable over the past 2 years. We continue to work to optimize the economics of our business from a transaction cost perspective by utilizing our scale and leveraging and deepening our strategic relationships.

這反映了業務組合持續向更高的收費率、更高的交易成本產品和地區轉變，以及利息收入降低的影響。剔除利息收入後，交易成本佔收入的百分比在過去兩年大致保持穩定。我們將繼續利用我們的規模以及深化我們的策略關係，從交易成本的角度努力優化我們的業務經濟效益。

We are actively working on a number of initiatives that leverage blockchain technology bringing real-time treasury management capabilities to our platform. We have rolled out real-time funds transfer capabilities on chain in specific corridors, enabling us to move funds between global accounts with greater speed, automation and transparency.

我們正在積極開展多項計劃，利用區塊鏈技術為我們的平台帶來即時資金管理功能。我們已經在特定管道推出了鏈上即時資金轉移功能，使我們能夠以更快的速度、自動化和透明度在全球帳戶之間轉移資金。

In collaboration with Citi, we're excited for the opportunity to expand these capabilities to additional markets in the coming quarters. We also plan to extend these capabilities via other banking partners, further enhancing our treasury management flows and delivering enhanced capabilities to our customers.

透過與花旗合作，我們很高興有機會在未來幾季將這些功能擴展到更多市場。我們還計劃透過其他銀行合作夥伴擴展這些功能，進一步增強我們的資金管理流程並為我們的客戶提供增強的功能。

Additionally, we recently signed a new long-term agreement with Mastercard further solidifying this important strategic relationship. We have seen substantial growth in our card products since beginning this partnership over 4 years ago. with nearly $6 billion of card usage over the trailing 12 months.

此外，我們最近與萬事達卡簽署了一項新的長期協議，進一步鞏固了這一重要的戰略關係。自四年前開始合作以來，我們的信用卡產品取得了長足的成長，過去 12 個月的信用卡使用量已接近 60 億美元。

We are further deepening our relationship and in partnership with Mastercard, launching an SMB growth hub to better serve customers globally and to drive further innovation and engagement. We expect 2025 adjusted OpEx, which represents our guidance for revenue, less adjusted EBITDA and transaction costs of approximately $610 million.

我們正在進一步深化與萬事達卡的關係，並與其合作推出中小企業成長中心，以更好地服務全球客戶，並推動進一步的創新和參與。我們預計 2025 年調整後的營運支出（代表我們的收入指引）減去調整後的 EBITDA 和交易成本約為 6.1 億美元。

Our outlook for transaction cost is materially lower than we had anticipated at the start of this year. and this enables us to make incremental investments in our business, including in regulatory licensing efforts in key jurisdictions, in scaling our card product and in stable coin focused initiatives. We are investing to support our long-term growth trajectory while still expecting to exceed our 25% adjusted EBITDA margin target.

我們對交易成本的預期遠低於今年年初的預期。這使我們能夠對我們的業務進行增量投資，包括在主要司法管轄區的監管許可工作、擴大我們的卡產品和穩定幣重點計劃。我們正在進行投資以支持我們的長期成長軌跡，同時仍期望超過 25% 的調整後 EBITDA 利潤率目標。

Based on our strong performance in the first half of the year, we are raising our guidance for adjusted EBITDA, which we expect to be between $260 million and $275 million. At the midpoint, this represents an adjusted EBITDA margin of approximately 25% for the full year.

基於我們上半年的強勁表現，我們上調了調整後 EBITDA 預期，預計在 2.6 億美元至 2.75 億美元之間。以中間值計算，這意味著全年調整後的 EBITDA 利潤率約為 25%。

Excluding interest income, we expect adjusted EBITDA of $43 million at the midpoint over 3x the amount we generated in 2024 and in line with the target we have communicated at our fourth quarter results in February. Our 2025 guidance assumes a stable macro environment in the second half of the year and that global tariffs remain broadly comparable to today's levels. Our second quarter 2025 results underscore the strength of our execution.

不包括利息收入，我們預計調整後的 EBITDA 中位數為 4,300 萬美元，是我們 2024 年創造收入的 3 倍多，與我們在 2 月份第四季度業績中傳達的目標一致。我們對 2025 年的指導假設是下半年宏觀環境穩定，且全球關稅與今天的水平大致相當。我們的 2025 年第二季業績凸顯了我們的執行力。

In a dynamic macro and tariff environment, we grew revenues expanded RSMB take rate, increased ARPU and delivered adjusted EBITDA in line with our communicated targets. We are well positioned to deliver on our full year guidance and remain focused on creating long-term shareholder value. We are now happy to answer any questions you may have.

在動態的宏觀和資費環境下，我們的收入增加了，RSMB 收取率提高了，ARPU 提高了，調整後的 EBITDA 也符合我們傳達的目標。我們已做好準備實現全年目標，並持續專注於創造長期股東價值。我們現在很樂意回答您的任何問題。

Operator, please open the line.

接線員，請接通線路。

(Operator Instructions) Nate Svenson, Deutsche Bank.

（操作員指令）Nate Svenson，德意志銀行。

Nice results and great to see the reinstated guide. Maybe at the highest level, just given there are so many headlines still going around on tariffs, what gave you the confidence to at that higher guide and at a slightly higher level than what we saw previously. Maybe more explicitly on tariffs. I know BU called out that tariffs, the levels stay at broadly the same level as what we have today. any other explicit impact baked in from tariffs?

結果很好，很高興看到恢復的指南。也許在最高層面，考慮到有關關稅的頭條新聞仍然很多，是什麼讓您有信心達到更高的指導水平，並且比我們之前看到的水平略高。也許對關稅有更明確的規定。我知道波士頓大學呼籲關稅，其水平與現在大致相同。關稅還會帶來其他明確的影響嗎？

I know previously you had called out that $50 million number, I assume it's probably lower today than it was on the last call. And then last thing, you mentioned slower volume at some large e-com platforms. Anything else that you're expose seeing with regards to tariffs in 2Q numbers or this quarter to date?

我知道您之前提到過 5000 萬美元這個數字，我認為今天的數字可能比上次要低。最後，您提到一些大型電子商務平台的交易量有所下降。您對第二季或本季迄今的關稅數據還有什麼其他看法嗎？

So thanks for the question, Nate. Look, so as you noted, we held the top range of our core revenue guidance in line with the full year guidance we gave back in February. We raised at the midpoint, we raised our adjusted EBITDA at the midpoint as well. All as we continue to navigate and our customers continue to navigate this super dynamic environment. And we reinstated guidance, look, to your point, we're obviously a quarter out from when we reported last, which was in May and barely 3 weeks out from the original 3 to 4 weeks, the original tariff announcement.

謝謝你的提問，Nate。正如您所說，我們的核心收入預期最高範圍與我們 2 月給出的全年預期一致。我們在中點提高了，我們也在中點提高了調整後的 EBITDA。我們和我們的客戶將繼續在這個超級動態的環境中前進。我們恢復了指導，你看，正如你所說，我們顯然已經從上次報告的時間（即 5 月份）推遲了一個季度，並且距離最初的 3 到 4 週（最初的關稅公告）僅過去了 3 週。

We have greater visibility into what the tariff environment is likely to look like. It is obviously much less than this certainly as between the China-US corridor. We have some degree of visibility into Q3, and we're beginning to see the outlines of how we might expect the business to perform overall and felt very comfortable in our ability to continue navigating.

我們對關稅環境的可能情況有了更清晰的了解。中美之間的差距顯然要小得多。我們對第三季有一定程度的了解，並且開始看到我們預期業務整體表現的輪廓，並且對我們繼續前進的能力感到非常有信心。

We have a very resilient business as our guidance clearly demonstrates and feel confident about navigating to hit our full year guidance through the end of the year. In terms of marketplace volumes, look, we called out some modest softening in the back half of Q2. It's always difficult to attribute the exact cause, but likely related to some tariff impacts. We had said back in May that tariff impact when we see them would likely be felt in the back half of the year. and our guidance implies some modest softening in marketplace volumes to about the mid-single-digit range in terms of volume growth.

正如我們的指導方針所明確表明的那樣，我們的業務非常具有韌性，我們有信心在年底前實現全年指導方針。就市場交易量而言，我們注意到第二季後半段出現了一些小幅疲軟。總是很難找到確切的原因，但可能與某些關稅影響有關。我們早在五月就曾表示，關稅的影響可能會在今年下半年顯現。我們的指引意味著市場交易量將略有放緩，增幅將達到中等個位數左右。

So all of that is embedded we don't provide and we're not going to provide an explicit number for tariff headwind. We've embedded assumptions based on how we understand the environment today.

因此，我們不會提供所有嵌入的信息，也不會提供關稅逆風的明確數字。我們根據當今對環境的理解嵌入了一些假設。

Yes. Super helpful being, obviously, you don't envy your position and given all the changes that are going on. I do have to ask about stable coins. I think given sort of the merchants you serve and the role you play in the B2B payments ecosystem. I actually think there's a real role for stable coins here in helping you serve your end customers.

是的。非常有幫助，顯然，考慮到正在發生的所有變化，你並不羨慕你的地位。我確實需要詢問有關穩定幣的問題。我認為考慮到您所服務的商家以及您在 B2B 支付生態系統中扮演的角色。我確實認為穩定幣在這裡可以發揮真正的作用，幫助你服務最終客戶。

And it was great to hear some of the initiatives that you're undertaking the Payoneer side of things. But I'd be really interested you hear what merchants are telling you with regards to their demand or appetite to adopt stable coins. We spend a lot of time debating the topic with investors, but it would be great to hear how real this is for the merchants that you're serving on a day-to-day basis.

我很高興聽到您在 Payoneer 方面採取的一些舉措。但我真的很感興趣，想聽聽商家對採用穩定幣的需求或意願。我們花了很多時間與投資者討論這個話題，但如果能聽到這對您每天服務的商家來說有多現實，那就太好了。

Yes. This is John. Thanks for the question. I think we are in the earliest, earliest days of understanding both the use cases and the demand among merchants, right? As we've mentioned on the call, we believe that the -- we have an exceptional set of assets and relationships with customers and trust with our banks and our marketplace partners globally to help take our deep customer relationships, our global distribution to add new currencies into the experience for our customers as they seek to use them.

是的。這是約翰。謝謝你的提問。我認為我們正處於了解商家用例和需求的早期階段，對嗎？正如我們在電話會議上提到的，我們相信——我們擁有一套卓越的資產和與客戶的關係，並與我們的銀行和全球市場合作夥伴建立信任，這有助於我們建立深厚的客戶關係，我們的全球分銷可以為尋求使用新貨幣的客戶增加體驗。

And our last mile relationship enable us to help customers turn whatever currency they're doing business in into the local fee out that they use domestically. And so we see a long-term opportunity. I think a lot of the type cycle is exciting, but the practical use case. And I think what, hopefully, investors have gotten comfortable with the way we run Payoneer year-to-date is we are very pragmatic about helping our customers participate in the global economy. And right now, primarily do that in dollars, and we're helping them do that exceptionally well.

我們的最後一哩關係使我們能夠幫助客戶將他們開展業務時使用的任何貨幣轉換為他們在國內使用的當地費用。因此，我們看到了一個長期機會。我認為很多類型週期都很令人興奮，但實際用例卻不同。我認為，希望投資者對我們今年迄今為止經營 Payoneer 的方式感到滿意，因為我們非常務實地幫助我們的客戶參與全球經濟。目前，主要以美元來做這件事，我們正在幫助他們做得非常好。

And as they explore the use of new currencies and new ways of transacting, we will be there to support them.

當他們探索使用新貨幣和新的交易方式時，我們將為他們提供支援。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

I wanted to ask on China specifically, just how merchants there have responded to the tariffs I'm thinking kind of about more distribution into Europe or rest of world. John, I think in your prepared remarks, I heard you say that now about 1/3 of your China revenue is coming from selling into non-US markets. I'm curious how that number has changed more recently? And just bigger picture if the current environment has kind of helped accelerate any of your share gains locally in China to be able to facilitate sales into kind of more non-US markets?

我想特別問問中國的情況，那裡的商家對關稅有何反應，我正在考慮將更多的通路拓展到歐洲或世界其他地區。約翰，我想在你準備好的發言中，我聽到你說過，現在你們在中國大約三分之一的收入來自對非美國市場的銷售。我很好奇這個數字最近發生了怎樣的變化？從更大角度來看，當前的環境是否有助於加速您在中國本土的市場份額成長，從而能夠促進向更多非美國市場的銷售？

Thanks, Trevor. It's a great question and an important one. We've held 15 events in China for sellers looking to expand across Europe, Latin America and Middle East, really bringing together an ecosystem of partners to help them think about through the logistics tax, legal considerations when they're expanding. So we are our customers' partners as they help them explore expanding.

謝謝，特雷弗。這是一個非常好的問題，也是一個重要的問題。我們在中國為希望拓展歐洲、拉丁美洲和中東業務的賣家舉辦了 15 場活動，真正整合了合作夥伴生態系統，幫助他們在擴張過程中考慮物流稅和法律問題。因此，我們是客戶的合作夥伴，幫助他們探索擴張。

They're very focused on expanding, particularly in Europe and Latin America, and our green channel program has had I think the best ever demand of that product we've seen as customers look to explore ways to drive their distribution and improve the resilience of their business models, not just selling to the United States, but selling globally. 1/3 of our revenue comes from Chinese customers. Of that 20% is China, the US approximately 10% is China to the rest of the world, and we have not seen a significant shift in that composition in Q2.

他們非常注重擴張，特別是在歐洲和拉丁美洲，我認為我們的綠色通路計畫對該產品的需求是有史以來最好的，因為客戶希望探索推動分銷和提高商業模式彈性的方法，不僅僅是銷往美國，而是銷往全球。我們 1/3 的收入來自中國客戶。其中 20% 是中國，美國約佔 10%，而世界其他地區則佔約 10%，我們在第二季度沒有看到這一構成發生顯著變化。

It's really, I think, too soon to see it. What I do think is really important is how dedicated the China sellers are to their US distribution and what they see the events of April 2 is a springboard to force them into more global distribution, both of which will serve Paine well in the long term. I'll just add one other note about that is we saw our China customers holding increased balances on the platform. You saw the balances grow by 17% in Q2 year-over-year, that balance growth is future revenue growth for us.

我認為現在看到這一點還為時過早。我認為真正重要的是中國賣家對美國分銷的投入程度，以及他們認為 4 月 2 日的事件是迫使他們進行更全球化分銷的跳板，從長遠來看，這兩者都對 Paine 有利。我只想補充一點，我們發現我們的中國客戶在該平台上持有的餘額增加。您會看到第二季的餘額年增了 17%，餘額成長就是我們未來的收入成長。

And I think that's something just important to highlight.

我認為這是值得強調的重要一點。

Okay. No, that's helpful. And then just as my follow-up, within the ICP growth, and I know it's imperfect metric, maybe you guys could parse out some of the puts and takes within some of the headline growth rates there, both on kind of the overall and then the 10,000 a month ICP growth would be great.

好的。不，這很有幫助。然後，正如我的後續問題，在 ICP 成長中，我知道這是一個不完美的指標，也許你們可以分析出一些總體成長率中的投入和產出，無論是整體還是每月 10,000 的 ICP 成長都會很棒。

Yes. I mean we made a very conscious and we've been talking about it at length. We made strategic shifts over the past year to align our resources, focusing on durable and profitable revenue growth. And our ICP portfolio really reflects those decisions. If you go back all the way to Q1 of 2023, 23% of our total customers are ICPs in Q2 of 2025, it was 28%.

是的。我的意思是我們非常清楚這一點，並且我們已經對此進行了詳細的討論。過去一年，我們進行了策略轉變，整合資源，專注於持久且有利可圖的收入成長。我們的 ICP 投資組合確實反映了這些決定。如果回顧 2023 年第一季度，我們總客戶中的 23% 是 ICP，而 2025 年第二季度這一比例為 28%。

So we continually driven ICPs as a percentage of our total portfolio. We're driving faster B2B customer growth, which is very exciting for us. We're targeting larger multi-entity customers, those that bring in $0.25 million a month in volume and greater. They use more products, they have more complex needs. They stay longer.

因此，我們不斷提高 ICP 在我們總投資組合中的佔比。我們正在推動 B2B 客戶更快成長，這對我們來說非常令人興奮。我們的目標客戶是規模較大的多實體客戶，即每月交易額達 25 萬美元及以上的客戶。他們使用的產品更多，需求也更複雜。他們停留的時間更長。

Our net revenue retention for those that cohort is exceptionally strong. And we continue to fine-tune our risk appetite across the portfolio generally to make sure that the folks that we add to the platform reflect our focus in the long term.

對於那些群體而言，我們的淨收入保留率非常高。我們將繼續對整個投資組合的風險偏好進行微調，以確保我們添加到平台中的人員能夠反映我們的長期關注點。

So in Q2, volume growth from 100K plus ICPs we saw 20% volume growth, really exceptionally and exciting for us in our business. and I'm pleased by the execution of the team, and we continue to drive cross-sell and momentum in the portfolio. I expect the ICP growth to be, as I've said in the past, the word we like to use around here is lumpy, right? Some quarters it's up, some quarters it's down. Some quarters, it's flat.

因此，在第二季度，ICP 的銷量成長從 10 萬多成長了 20%，這對我們的業務來說確實非常出色且令人興奮。我對團隊的表現感到滿意，我們將繼續推動交叉銷售和投資組合的發展動能。我預計 ICP 的增長將是，正如我過去所說的那樣，我們在這裡喜歡使用的詞是塊狀的，對嗎？有些季度是上升的，有些季度是下降的。有些季度，它是持平的。

It has to do with the overall portfolio mix. What we're focused on doing to drive ICP growth. We're beginning to work with reseller programs, which is an exciting innovation. We have more and more deep focus into specific regions and we're driving our funnel conversion for the over 11 million people who show up at payoneer.com to start creating paying your accounts. We have an exceptional brand, great relationships, last mile delivery that entrepreneurs around the globe are increasingly coming to us to be their foreign bank alternative as they grow their business.

這與整體投資組合有關。我們致力於推動 ICP 成長。我們開始與經銷商計劃合作，這是一項令人興奮的創新。我們越來越深入地關注特定區域，並正在推動我們的管道轉換，為超過 1100 萬訪問 payoneer.com 並開始創建付款帳戶的用戶提供服務。我們擁有卓越的品牌、良好的客戶關係和最後一英里的交付，全球各地的企業家越來越多地選擇我們作為他們發展業務的外國銀行替代方案。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Congrats on the great quarter and the reinstatement of guidance. Great to see. I wanted to ask on the B2B volume growth came in at high teens. I think the guidance was kind of low double digits and then back to high teens. And you alluded to some kind of moving pieces in the China B2B corridor.

恭喜本季取得的出色業績以及指導的恢復。很高興看到。我想問一下 B2B 交易量的成長是否達到了十幾歲的水平。我認為指導值是先從兩位數低點開始，然後再回到十幾位高點。您提到了中國 B2B 走廊中的一些變動。

So I was wondering if you could expand a bit on that. I know that's been kind of an ebb and flow type of region for you? Like would you -- is there something going on there in the market from a competitive perspective? Would you attribute this more to just the macro environment and some of the things that you called out on the SME e-commerce corridor? And just talk through, I mean, how you view that exit rate in the fourth quarter?

所以我想知道您是否可以對此進行一些詳細說明。我知道這對你來說是一個起伏不定的地區？例如，從競爭的角度來看，市場上是否正在發生一些事情？您是否認為這更多地歸因於宏觀環境以及您在中小企業電子商務走廊上提到的一些事情？簡單說一下，您如何看待第四季的退出率？

And I think you called out mid-20s ex China as kind of like a run rate as we think about going forward.

我認為，您所說的中國以外的 25 年代中期的運行率有點像我們考慮未來的運行率。

Thanks for the question, Will. So yes, look, we've talked in the past about our B2B business and really sort of draw the distinction between the China business, which is a goods business, by and large, and the Rest of World business, which is a services business and the relative differences in those 2 business lines for us are in those 2 portfolios, just to sort of level set again.

謝謝你的提問，威爾。是的，你看，我們過去曾談論過我們的 B2B 業務，並且確實區分了中國業務（大體上是商品業務）和世界其他地區業務（服務業務），對於我們來說，這兩條業務線的相對差異在於這兩個投資組合，只是為了再次設定一個水平。

Our B2B rest of world portfolio is about 80% of total B2B volume and about 90% of the revenue and China makes up the rest, right? Our China portfolio, I like the term you used, have seen some ebbs and flows, right? We have a relatively speaking, tiny, tiny slice of a very big market. We estimate the market in China from a goods perspective, B2B about $2.3 trillion. We have a very tiny slide.

我們的 B2B 全球其他地區投資組合約佔 B2B 總交易量的 80% 和收入的 90% 左右，其餘則來自中國，對嗎？我們的中國投資組合，我喜歡你使用的術語，經歷了一些起伏，對嗎？相對而言，我們在一個很大的市場中只佔有很小的份額。我們以商品角度估算，中國的B2B市場規模約為2.3兆美元。我們有一張非常小的滑梯。

These are bigger sellers, setting B2B good sellers in China is more complex because they're bigger sellers, it's more volatile portfolio just because the GMV per customer is larger. And so what we see in those heads and flows is a more volatile dynamic that, in effect, distorts the overall volume growth of the B2B portfolio as a whole.

這些都是更大的賣家，在中國設定 B2B 優質賣家更加複雜，因為他們是更大的賣家，而且由於每個客戶的 GMV 更大，因此投資組合更加不穩定。因此，我們在這些頭部和流量中看到的是一種更不穩定的動態，實際上扭曲了整個 B2B 投資組合的整體成長。

So yes, we've had sort of ebbs and flows or fits and starts with that. continuing to invest in finding product market fit in China. We see it as a really exciting adjacent opportunity given our strong brand in China, given our capabilities there, today, it is tiny, and we see sort of these fits and starts.

是的，我們經歷過起起伏伏，或者說時斷時續。我們會繼續投資尋找適合中國市場的產品。鑑於我們在中國強大的品牌和能力，我們認為這是一個真正令人興奮的鄰近機會，目前，它還很小，我們看到了這種斷斷續續的情況。

Our Rest of World business, which look as we say, is more than 90% of that B2B revenue. And it's worth noting our B2B revenue as a whole is about 1/3 of our total core revenue today. that revenue flow is growing very impressively. We're showing, as we said in Q2, 22% volume growth in that rest of world portfolio, and we're growing the revenue overall.

正如我們所說，我們的世界其他地區業務佔 B2B 收入的 90% 以上。值得注意的是，我們的 B2B 收入總體上約占我們目前核心總收入的 1/3。此收入流成長非常驚人。正如我們在第二季度所說的那樣，世界其他地區的產品組合銷售量成長了 22%，而且我們的整體收入也在成長。

So as we move into the back half of the year, as you called out, will -- we're calling for low double-digit growth in accelerating to high teens growth as we exit the year higher than that from the rest of world perspective and still very confident that we will hit more than 25% revenue growth overall. So this remains for us the real lever and driver of growth in our business given its growing importance to the portfolio as a whole.

因此，正如您所說，隨著我們進入下半年，我們預計成長率將達到低兩位數，而到年底時，成長率將高於世界其他地區，我們仍然非常有信心實現整體收入成長率超過 25％。因此，鑑於其對整個投資組合日益增長的重要性，這對我們來說仍然是業務成長的真正槓桿和動力。

That's super helpful. And kind of dovetails with my next question, which is the take rate dynamics here. Obviously, you guys have just historically seen stronger growth in higher take rate regions, Latin America and APAC. B2B business is growing faster. Within the B2B business, you're seeing some mix out of China, so there's a mix dynamic the e-commerce business, there's an assumption of a little bit lower growth.

這非常有幫助。這與我的下一個問題相吻合，即這裡的接受率動態。顯然，從歷史上看，你們在拉丁美洲和亞太地區等高接受率地區看到了更強勁的成長。B2B業務成長較快。在 B2B 業務中，你會看到來自中國的一些混合業務，因此電子商務業務存在混合動態，假設成長率會稍微低一些。

So I guess maybe when you zoom out, you look at all the pricing dynamics and take rate dynamics. Is there a way that you could kind of bucket some of the take rate expansion you're seeing kind of between mix-related dynamics, macro-related dynamics and anything else that you would kind of attribute it to on the pricing side? I appreciate it.

所以我想也許當你縮小視野時，你會看到所有的定價動態並採取利率動態。您是否可以將所看到的接受率擴張分為混合相關動態、宏觀相關動態以及定價方面的其他任何因素？我很感激。

Yes. SP-3 Yes, of course, well. So look, I think what is often sort of not fully appreciated about our business, is how consistently we've been able to demonstrate our ability to increase yields in our portfolio, right? We have driven take rate expansion in our SMB business for multiple consecutive quarters now, including in Q2, where we expanded our take rate by 9 basis points. And we saw take rate expansion across the portfolio, right?

是的。SP-3 是的，當然。所以，我認為人們經常對我們的業務沒有充分認識的是，我們如何能夠持續地展示我們提高投資組合收益的能力，對嗎？我們已經連續多個季度推動中小企業業務的佣金率擴張，其中在第二季度，我們將佣金率提高了 9 個基點。我們看到整個投資組合的利率都在擴大，對嗎？

We grew marketplace SMB take rate by 2 basis points. That's mostly a factor of increased card adoption. We grew our card portfolio to 25%, record usage on our card in the quarter. We grew our B2B take rate by 26 basis points. That is, as you know, Will, in your question, somewhat a factor of GeoMx, strong growth rest of world, relatively weaker growth as we just talked about in China, pricing power within that book and adoption of our card as well, particularly in Latin America, where we see really strong growth as well as the acquisition of the workforce management business, right?

我們將市場中小企業的接受率提高了 2 個基點。這主要是信用卡採用率增加的因素。我們的信用卡組合成長了 25%，創下了本季信用卡使用量的記錄。我們的 B2B 接受率提高了 26 個基點。如您所知，威爾，在您的問題中，這在某種程度上是 GeoMx 的一個因素，世界其他地區增長強勁，而中國的增長相對較弱，這本書的定價能力以及我們卡的採用率也很高，特別是在拉丁美洲，我們看到了真正強勁的增長以及勞動力管理業務的收購，對嗎？

So lots of levers that we are deploying within that business to expand our yield to expand our take rate. And similarly, within our checkout business, right? We announced our partnership with Stripe. Really excited to see continued take rate expansion there. So as you said, we had sort of multiple fibers and impact to that take rate. We don't really kind of look to decouple them and sort of explain each, but we're demonstrating additional utility and it shows up in the take rate that we're able to deliver quarter after quarter.

因此，我們在該業務中部署了許多槓桿來擴大我們的收益率，以提高我們的收益率。同樣，在我們的結帳業務中也是如此，對嗎？我們宣布與 Stripe 建立合作關係。真的很高興看到那裡的利率持續擴大。正如您所說，我們有多種光纖，並且對接收率有影響。我們實際上並不打算將它們分開並逐一解釋，但我們正在展示額外的效用，並且它體現在我們能夠逐季度提供的接受率上。

No, that's great. It sounds like a lot of just organic take rate expansion, which is great to see, and congrats again.

不，那太好了。這聽起來就像是有機吸收率的大幅擴張，真是令人高興，再次表示祝賀。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Is there any way to think about the EBITDA margin profile ex float as you think about the business going forward over the long term?

當您考慮長期業務發展時，有沒有辦法考慮 EBITDA 利潤率（不含浮動）？

So look, I think the main way to think about it is that we have continued to drive expansion in our, I'll call it, our core adjusted EBITDA profile, right? At the midpoint, our guidance for adjusted EBITDA ex interest income is roughly 3x what we delivered last year, even as the environment is, as we've said, dynamic, right?

所以，我認為主要的思考方式是，我們一直在繼續推動我們的核心調整後 EBITDA 概況的擴張，對嗎？從中間值來看，即使環境是動態的（正如我們所說），我們對調整後 EBITDA（不含利息收入）的預期大約是去年的 3 倍，對嗎？

So we feel confident that even as we mix shift into more complex business lines, even as we make investments, both organic and inorganic, that we continue to hit both our headline, I'll call it, adjusted EBITDA margin target of 25%. But importantly and critically, continue to improve the overall profitability dynamics of the core business, excluding interest income. And you're seeing that show up in the number.

因此，我們有信心，即使我們將業務轉向更複雜的業務線，即使我們進行有機和無機投資，我們仍然能夠繼續實現我們的總體目標，我稱之為 25% 的調整後 EBITDA 利潤率目標。但重要且關鍵的是，繼續改善核心業務（不包括利息收入）的整體獲利動態。您會在數字中看到這一點。

In the first half of this year, we've already delivered more core adjusted EBITDA than we did for all of and we expect to continue to accelerate into the back half of the year, even as we make investments, and we're continuing to invest, as John said in his prepared remarks, in our licensed infrastructure, that is an important enabler of our business and an important moat around our business.

今年上半年，我們的核心調整後 EBITDA 已經超過了全年的水平，我們預計下半年這一增長將繼續加速，儘管我們進行了投資，但正如約翰在他的準備好的發言中所說的那樣，我們將繼續投資於我們的授權基礎設施，這是我們業務的重要推動因素，也是我們業務的重要護城河。

We're continuing to invest in our platform capabilities and the team that supports it, including by expanding in India, as we discussed, and we're continuing to make investments in our money market infrastructure and last mile capabilities, which ultimately unlock the additional opportunities within our ecosystem. So we feel very comfortable with the trajectory that we're taking there.

我們將繼續投資於我們的平台能力和支持它的團隊，包括像我們所討論的那樣在印度擴張，並且我們將繼續投資於我們的貨幣市場基礎設施​​和最後一英里能力，這最終將釋放我們生態系統中的更多機會。因此，我們對於我們所採​​取的軌跡感到非常滿意。

Understood. And then as a follow-up, you talked about implementing blockchain to improve your treasury management operations. Can you just talk a little bit more about kind of the benefits that you are seeing from that or what you can see from that.

明白了。然後作為後續，您談到了實施區塊鏈來改善您的財務管理營運。您能否再多談談您從中看到的好處或您能從中看到什麼？

Sure, happy to. Look, as John said in his prepared remarks, one of the unique assets that we think positions us really well to drive adoption of stable coin to integrate the important capabilities of stablecoin into our ecosystem is really our last mile infrastructure, right? In a very real world we sold for the last mile challenge.

當然，我很樂意。正如約翰在他的準備好的發言中所說的那樣，我們認為能夠讓我們很好地推動穩定幣的採用，將穩定幣的重要功能融入我們的生態系統的獨特資產之一實際上是我們的最後一英里基礎設施，對嗎？在現實世界中，我們致力於解決最後一哩路的挑戰。

The AL's adoption in certain use cases around stable coins, right? Ultimately, users need to be able to, yes, receive stable coin within their ecosystem, but ultimately to off-ramp it to other use cases within their local jurisdictions or otherwise.

AL 在某些圍繞穩定幣的用例中被採用，對嗎？最終，用戶需要能夠在他們的生態系統內接收穩定的貨幣，但最終將其轉移到他們當地管轄範圍內或其他地方的其他用例。

So we have, as we've talked in the past, in other contexts, an extensive bank and PSP network that allows us to solve for that challenge. So what we've already done. And one of the well-known use cases, as you know, Chris, from a stable coin adoption perspective is internal treasury management capabilities. What we've done is already to integrate via 1 of our banking partners, Citi, their capabilities to move tokenized funds through their global network to integrate those capabilities into our own treasury management capabilities. And what that gives us is an ability to move funds 24/7.

因此，正如我們過去在其他情況下談到的那樣，我們擁有廣泛的銀行和 PSP 網絡，可以讓我們解決這個挑戰。所以我們已經做了什麼。如你所知，克里斯，從穩定幣採用的角度來看，其中一個眾所周知的用例是內部資金管理能力。我們所做的是，透過我們的一家銀行合作夥伴花旗，整合他們透過其全球網路轉移代幣化資金的能力，將這些能力整合到我們自己的資金管理能力中。這讓我們能夠全天候轉移資金。

So we're not sort of beholden to cutoff times and so on. to get automation of those movements to get programmability of those movements and overall to really enable better capabilities internally, and therefore, enable better capabilities within our ecosystem for our customers. That's what we're doing sort of with the broader context. So this is an exciting real-world use case for us, and we're continuing to expand, and it adds real value to how we manage our ecosystem from a liquidity perspective, from a risk perspective from an FX perspective.

因此，我們不會受制於截止時間等，而是實現這些動作的自動化，實現這些動作的可編程性，總體上真正實現內部更好的功能，從而為我們的客戶在我們的生態系統中提供更好的功能。這就是我們在更廣泛的背景下所做的事情。因此，這對我們來說是一個令人興奮的現實世界用例，我們正在繼續擴展，它為我們如何從流動性角度、從風險角度和外匯角度管理我們的生態系統增加了真正的價值。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I have one more on tariffs, which was, as we've seen the tariff drama sort of unfold, I'm just curious if you've seen any more resiliency from your customers and sort of how to evolve their business around tariffs. So just as we think about what might be on the come how different you guys feel about their ability to deal with tariffs on a go-forward basis?

我還有一個關於關稅的問題，那就是，正如我們所看到的關稅戲劇性的展開，我只是好奇你是否看到你的客戶表現出了更多的彈性，以及如何圍繞關稅發展他們的業務。那麼，當我們思考可能發生的事情時，你們對他們未來處理關稅的能力有何不同看法？

And then just one related point, I mean, has there been any impact from your customers on this de minimis exemption going away? I'm just curious as we think about that China to US corridor, how we see that playing through as the full impact in there already? Or could there be a residual one?

然後只涉及一個相關點，我的意思是，您的客戶是否對這種最低限度豁免的取消產生了任何影響？我只是好奇，當我們考慮中國到美國的走廊時，我們如何看待它對那裡的全面影響？或者說還有殘留的嗎？

Thanks, Sanjay. There is no impact from the de minimis really of any -- I think we talked about in the past is single digit -- low single digits and not an impact for us. What I think is important to note about our customer book is we have $2 million entrepreneurial creative, hard-working hustling business owners in 190 countries and territories committed to growing their businesses. So we benefit from their grit, frankly. And their grid suggest that they are very focused on globalizing their businesses even more, driving increased distribution cleaning up their portfolios of products to make sure that they're selling the right products in the right markets at the right price.

謝謝，桑傑。實際上，沒有任何微不足道的影響 - 我認為我們過去談論的是一位數 - 低個位數，對我們沒有影響。我認為，關於我們的客戶，值得注意的是，我們在 190 個國家和地區擁有 200 萬美元的創業創意、勤奮的企業主，致力於發展他們的業務。所以坦白說，我們從他們的勇氣中受益。他們的網格表明，他們非常注重業務的全球化，推動分銷的增加，清理產品組合，以確保他們以合適的價格在合適的市場銷售合適的產品。

So we haven't seen anything other than impressive entrepreneurship from the entrepreneurs we serve and great effort from the Payoneer team. I mentioned before, the 15 events we've done in China, the work our teams are doing across the globe. I shared in my prepared remarks, the case study of Brand 501, which is a business that is using Payoneer for B2B wholesale activity using our cards for expenses, using checkout for their direct-to-consumer work and selling on marketplaces. Those are the kind of customers we love serving and provide them a full financial stack solution for their international operations.

因此，我們所看到的只是我們所服務的企業家所展現出的令人印象深刻的創業精神以及 Payoneer 團隊所付出的巨大努力。我之前提到過，我們在中國舉辦了 15 場活動，我們的團隊在全球範圍內開展工作。我在準備好的演講中分享了 Brand 501 的案例研究，這是一家使用 Payoneer 進行 B2B 批發活動的企業，使用我們的卡支付費用，使用結帳方式進行直接面向消費者的工作並在市場上銷售。我們樂於為這類客戶服務，並為他們的國際業務提供全套財務解決方案。

Got it. And I guess, I got one more on stablecoins. Obviously, very encouraging that you're incorporating it into your business. I'm just curious, the one question we just get quite frequently is sort of the disruptive threat. I'm just curious sort of how you guys think about it being a disruptive threat?

知道了。我想，我對穩定幣又多了一個想法。顯然，將其納入您的業務是非常令人鼓舞的。我只是好奇，我們經常遇到的一個問題是破壞性威脅。我只是好奇你們如何認為它是一種破壞性威脅？

I know there's lots of advantages to your model. But I'd love to just hear it from you in terms of sort of how you guys think about that angle of it.

我知道你的模型有很多優點。但我很想聽聽你們對這個角度的看法。

Yes. Look, thank you for the question. Like any new innovation or new technology, it can be disruptive, right? It's whether you're well positioned to take advantage of the disruption, and we are confident that we are, again, what has been a headwind to adoption to stable coin more broadly, and it's obviously growing massively. And as John said, we welcome the regulatory clarity that comes with the (inaudible)

是的。瞧，謝謝你的提問。就像任何新創新或新技術一樣，它可能具有顛覆性，對嗎？關鍵在於你是否已經做好準備，能夠充分利用這次顛覆，我們有信心，我們再次證明了，穩定幣的廣泛採用面臨著阻力，而且這種趨勢顯然正在大幅增長。正如約翰所說，我們歡迎監管的明確性（聽不清楚）

But some of the headwinds to broader adoption have been solving the last mile challenge. We can do that. the complexity for end users of managing multiple wallets in keys and cold storage and all of that, we can integrate. And today, we already provide a single utility, if you like, that allows users to manage currencies and to hold funds across a complex ecosystem.

但更廣泛採用所面臨的一些阻力是解決最後一哩路的挑戰。我們可以做到這一點。我們可以整合最終用戶管理金鑰和冷儲存中的多個錢包的複雜性。今天，如果您願意，我們已經提供了一個單一實用程序，它允許用戶管理貨幣並在複雜的生態系統中持有資金。

So we already abstract that complexity today within our ecosystem, and we feel we're well positioned to do that, which is why we're focused on looking to add digital wallet capabilities. So again, disruptive any innovation can be disruptive. We're well positioned, ultimately, for us, we view the value as being able to seamlessly connect those modern digital currencies with all of the value that, that comes in terms of programmability, and real-time settlement with the legacy banking infrastructure and wells that we have within our ecosystem in a way that is user friendly and enables the ultimate business needs of the customers that you're serving. We're well positioned to do that. We're excited.

因此，我們現在已經在我們的生態系統中抽象化了這種複雜性，我們認為我們已準備好做到這一點，這就是為什麼我們專注於尋求增加數位錢包功能。所以再說一次，任何創新都可能具有顛覆性。最終，對我們來說，我們處於有利地位，我們認為價值在於能夠無縫連接這些現代數位貨幣以及可編程性和實時結算方面的所有價值，與我們生態系統中的傳統銀行基礎設施和油井，以一種用戶友好的方式連接起來，並滿足您所服務客戶的最終業務需求。我們已做好準備來做到這一點。我們很興奮。

So we view it as a long-term opportunity for us.

因此，我們認為這對我們來說是一個長期機會。

Mayank Tandon, Needham & Company.

Mayank Tandon，Needham & Company。

John, are you able to share any metrics around churn levels, either by segment or the company as a whole? I'm just curious to see if there's any impact from the higher tariffs uncertainty and sort of related have you had more difficulty onboarding customers because there might be resistance to working with you just given some of the uncertainty in the market. So curious around like churn and potential for onboarding customers because of the uncertainty?

約翰，您能否分享有關客戶流失程度的任何指標，無論是按部門還是按整個公司？我只是好奇，更高的關稅不確定性是否會產生影響，以及相關的因素，由於市場存在一些不確定性，與您合作可能會遇到阻力，因此您在吸引客戶方面是否遇到了更多困難。那麼，由於不確定性，您是否對客戶流失和新客戶入職的可能性感到好奇？

Thanks for the question. Our revenue retention has continued to improve modestly year-over-year, and we see retention as a very exciting opportunity for us. It's one of the reasons why we've moved the portfolio towards larger customers and focused on specific geographies. And given the profile of our customer base, as you'd expect, we see higher volume and revenue retention than we do individual logo retention. That's sort of the nature of the game when you serve small businesses.

謝謝你的提問。我們的收入保留率逐年持續小幅提高，我們認為保留率對我們來說是一個非常令人興奮的機會。這是我們將產品組合轉向更大客戶並專注於特定地區的原因之一。鑑於我們的客戶群的概況，正如您所期望的，我們看到的交易量和收入保留率高於單一徽標保留率。這就是為小型企業提供服務時的遊戲本質。

Our ICP retention is significantly higher than our non-ICP retention, and retention of our managed ICPs call out to some of the extraordinary people that work at Payoneer, we have local teams on the ground serving customers in emerging markets part of their local ecosystem speaking the local language, our managed ICPs, those that have the relationships directly with the CSM perform better than the non-managed or unmanaged ICPs.

我們的 ICP 留存率明顯高於非 ICP 留存率，而我們管理的 ICP 的留存率也吸引了 Payoneer 的一些傑出員工，我們在當地設有團隊，為新興市場的客戶提供服務，他們是當地生態系統的一部分，使用當地語言，我們管理的 ICP，即那些與 CSM 有直接關係的 ICP，其表現優於 ICP。

The team is working hard at productizing management services for ICPs as we scale. And the retention in general is an increasing focus for us. And I think the work the team has done to put in place tools to help us both track, manage, cross-sell our ICPs are working, and we're pleased with our progress there.

隨著規模的擴大，團隊正在努力將 ICP 的管理服務產品化。整體而言，保留率是我們越來越關注的重點。我認為團隊所做的工作，即建立工具來幫助我們追蹤、管理和交叉銷售我們的 ICP，是有效的，我們對這方面的進展感到滿意。

Sorry. You asked a second question, which I just revealed my note that said our customers hesitant to onboard because of tariffs. I think Quite to the contrary, we saw ICP growth in China at 11% growth. So we are not seeing reticence, I think, the opposite. People -- to Bea's point about stable coins generally, we are trusted and being trusted means that folks are turning to Payoneer to participate in the global economy.

對不起。你問了第二個問題，我剛剛透露了我的記錄，上面說我們的客戶因為關稅而猶豫是否要加入。我認為恰恰相反，我們看到中國的ICP成長率為11％。所以我認為，我們看到的不是沉默，而是相反。人們——對於 Bea 所說的穩定幣，總體而言，我們是值得信賴的，而值得信賴意味著人們正在轉向 Payoneer 參與全球經濟。

Got it. Actually, sort of you answered my second question. So I'll ask something else instead, which is you mentioned the facility in Gurgaon. I just want to understand, is that going to be showing up in terms of operating expenses on the R&D line? Or what is sort of the motivation behind that?

知道了。實際上，您已經回答了我的第二個問題。所以我想問別的問題，也就是您提到的古爾岡的設施。我只是想了解一下，這會反映在研發線上的營運費用嗎？或者這背後的動機是什麼？

Is that more because it's about able to hire engineers to do R&D in a hub like India? Or what are some of the main factors behind this initiative?

這是否更多的是為了能夠聘請工程師在印度這樣的中心進行研發？或者這項措施背後的主要因素是什麼？

So happy to take the question. Look, in general, we're looking to operate our ecosystem with a view to ensuring resilience, recruiting the best talent and having us to the best talent as we continue to invest in our platform more broadly. We have a fantastic team based out of Israel that support our platform. We have folks all over the world. As you know, we're a very global company.

很高興回答這個問題。總的來說，我們希望經營我們的生態系統，以確保彈性，招募最優秀的人才，並讓我們擁有最優秀的人才，同時我們將繼續更廣泛地投資於我們的平台。我們在以色列擁有一支出色的團隊來支持我們的平台。我們的員工遍佈世界各地。如您所知，我們是一家全球性公司。

We did a ton of research and India represents a real opportunity already have a foothold there as part of our workforce management acquisition and in other areas, it represents a real opportunity to tap into one of the largest tech talent hubs in the world. So yes, it will be incremental investment into our platform. It gives us resilience access to a bigger pool of talent that is important, and we will continue to manage to the medium-term adjusted EBITDA targets that we have talked about and feel very comfortable that we can do that.

我們做了大量的研究，印度代表著一個真正的機會，作為我們勞動力管理收購的一部分，我們已經在那裡站穩了腳跟，在其他領域，它代表著一個真正的機會，可以利用世界上最大的技術人才中心之一。是的，這將是對我們平台的增量投資。它使我們能夠獲得更大的人才庫，這一點很重要，我們將繼續努力實現我們已經討論過的中期調整後 EBITDA 目標，並且我們非常有信心能夠做到這一點。

Daniel Peller, Wolfe Research.

丹尼爾‧佩勒，沃爾夫研究中心。

This is Daniel Greg on for Darren. I just wanted to follow up on the great take rate expansion we've seen and how to think about that relative to stablecoin integration any early sense of how you think about the unit economics of the stable point off ramp versus the traditional payout and this presents any sort of headwind to consistent yield growth over time?

這是 Daniel Greg，取代 Darren。我只是想跟進我們已經看到的巨大的接受率擴張，以及如何看待它與穩定幣整合之間的關係，您是否對穩定點出口坡道與傳統支出的單位經濟學有何看法，以及這會對持續的收益增長造成任何阻力？

No, thanks for the question. Look, I think too early to say, right? We have laid out why we think we can play in this space. We're exploring and making investments in the back half of the year. to begin to build out that infrastructure.

不，謝謝你的提問。瞧，我認為現在說這些還為時過早，對嗎？我們已經闡述了為什麼我們認為我們可以在這個領域發揮作用。我們正在探索並在今年下半年進行投資，開始建造該基礎設施。

I think the take rate dynamics are going to depend very much on the particular use cases that we enable within our ecosystem. I think the overall sort of message that we want to leave you with is obviously sort of what I said to the other question that we have demonstrated a consistent ability to drive take rate expansion because we deliver more utility.

我認為採用率動態將在很大程度上取決於我們在生態系統中實現的特定用例。我認為我們想要留給你們的整體訊息顯然就是我對另一個問題所說的，我們已經展示了持續推動接受率擴張的能力，因為我們提供了更多的效用。

And as we deliver more utility whether that's access to more markets, whether that's a card product, whether that's a best-in-class checkout capability, we can command higher yield and that shows up in the take rate. So stable coin is really just one more aspect of that. And we feel good that we can continue to drive take rate expansion as we add to the financial stack as we serve more complex customers with more complex needs. So what we -- again, we feel good about that trajectory and good about sort of how we're performing there.

而且，隨著我們提供更多的實用功能，無論是進入更多市場，無論是卡片產品，還是一流的結帳功能，我們都可以獲得更高的收益，而這會體現在接受率上。因此，穩定幣實際上只是其中的一個面向。我們很高興能夠繼續推動利率擴張，因為我們可以擴大金融體系，為更複雜的客戶提供更複雜的需求。因此，我們 — — 再次，我們對該軌跡感到滿意，並對我們在那裡的表現感到滿意。

Great. And then maybe as a related follow-up, is there any sense of what percentage of your revenues today are driven by FX conversion fees? And maybe if you could provide a sense of how this directionally has changed over time as you guys have broadened out the product suite.

偉大的。然後也許作為相關的後續問題，您是否知道今天您的收入中有多少百分比是由外匯兌換費驅動的？也許您可以介紹一下，隨著您們擴大產品套件，這一方向是如何隨時間變化的。

Look, we've talked about it in the context of pricing strategy more generally, where we saw an opportunity and we were able to sort of unlock it. we saw an opportunity to more effectively monetize FX within our ecosystem based on enhancements to the product adding capabilities and ensuring that we were monetizing those additional capabilities appropriately and also looking at corridor by corridor pricing and so on.

你看，我們已經在更普遍的定價策略背景下討論過這個問題了，我們看到了一個機會，並且我們能夠將其解鎖。我們看到了一個機會，可以透過增強產品添加功能，在我們的生態系統中更有效地將外匯貨幣化，並確保我們適當地將這些附加功能貨幣化，同時也關注各個走廊的定價等等。

So we've been able to optimize over time, and that has shown up in some of the pricing sort of discussions that we've had. We haven't sort of -- we don't disaggregate our revenue based on FX and core and so on. We charge customers fees for the utilities that we provide and FX is one component of that.

因此，我們能夠隨著時間的推移進行優化，這在我們進行的一些定價討論中有所體現。我們還沒有——我們不會根據外匯和核心等來細分我們的收入。我們向客戶收取我們提供的公用事業費用，外匯是其中的一部分。

We have no further questions, and so I'll hand the call back to the management team for any closing remarks.

我們沒有其他問題了，因此我將把電話交回給管理團隊，請他們做最後的總結發言。

Thank you, everybody, for your questions and your participation this morning. We really had a great second quarter, and we're confident that our strategy is working. We're excited about the opportunities in front of us and the strength of our platform, the resilience of our customer base and the focus on innovation that positions us to drive long-term sustainable growth.

感謝大家今天上午的提問和參與。我們第二季的表現確實非常出色，我們相信我們的策略正在發揮作用。我們對眼前的機會、平台的實力、客戶群的韌性以及對創新的關注感到興奮，這些使我們能夠推動長期永續成長。

I want to particularly thank our team for their relentless commitment and our shareholders for their continued trust. We're excited about what's next, and we're just getting started as we like to say. Thanks, everybody.

我要特別感謝我們團隊的不懈承諾和股東的持續信任。我們對接下來的事情感到興奮，正如我們所說的那樣，我們才剛剛開始。謝謝大家。

Thank you, everyone. This concludes our call, and you may now disconnect your lines.

謝謝大家。我們的通話到此結束，您可以掛斷電話了。